4. Outsourcing & Privatization

Status: In-ComplianceThe department is charged with insuring the solvency of captive and traditional insurance companies domiciled in South Carolina through comprehensive regulatory oversight and examination. To assist in this charge, the department outsources a portion of these. Comprehensive financial examinations of the financial condition of domestic captives and traditional companies are performed using the standards established by the National Association of Insurance Commissioners’ (NAIC) Financial Condition Examiners Handbook.